Abstract:
In the past century, the creation of monetary unions has represented probably the most important accomplishment in the economic field. Still, the monetary unions are far from being optimal monetary areas, a key problem being represented by the exposure of the member states to asymmetric shocks that are more difficult to manage in the context of a common monetary policy and the abandonment of the adjustment mechanism through the exchange rates. In this context, it becomes of interest the problem of a viable functioning of a monetary union in the context of an asymmetric shock that may affect the member countries. Thus, the aim of our research is to underline the main problems related to the manifestation of the asymmetric shocks and also to emphasize the main measurement methods of the asymmetry, including the identification and the measurement of asymmetric shocks that affect the external equilibrium. In order to achieve this purpose we have undertaken in our research an extensive review of the academic literature, using a series of mediate information sources, like journals and specialised magazines, monographies and case studies made by the main international organisations from the economic field like the International Monetary Fund, the European Commission or the European Central Bank. The results of the research underline that the main factor that defines the possibility for the creation of a monetary union is represented by the member countries’ capacity of managing asymmetric shocks taking into account the lack of the classical instruments for the adjustment of the economy.
